Former President Donald Trump said on Sunday that his tariffs have brought in “trillions of dollars.” In reality, economists say that amount could only be reached over the next ten years—not this year. Most of these tariffs were also ruled illegal by a U.S. appeals court.

Key Points

  • On Truth Social, Trump wrote: “Without tariffs, and all of the TRILLIONS OF DOLLARS we have already taken in, our Country would be completely destroyed, and our military power would be instantly obliterated.”

  • Earlier this month, he also claimed tariffs have brought in “trillions” without causing inflation or other problems, only adding “massive amounts of CASH” to the U.S. Treasury.

  • In reality, tariffs are paid by American companies that import goods, and those extra costs are usually passed on to U.S. consumers.

  • On Friday, the U.S. Court of Appeals said Trump went beyond his authority when he imposed “reciprocal tariffs,” a power the court said belongs only to Congress.

  • The ruling will take effect on October 14, unless the Trump administration successfully appeals to the Supreme Court.

How Much Money Has the U.S. Made From Trump’s Tariffs?

So far this fiscal year (which ends in September), the U.S. has collected $142 billion from tariffs, according to Treasury Department data. Since Trump’s tariffs began in April, they have brought in about $96 billion. Customs duty collections jumped to $28 billion in July, a 273% increase from last year. The U.S. collected $27 billion in June, $22 billion in May, and $16 billion in April. Before the tariffs, customs duties were only $8 billion in March and $7 billion in February and January.

Tariffs are taxes importers must pay when goods enter the U.S. Businesses often pass these costs on to consumers by raising prices.

How Much Money Could Trump’s Tariffs Bring In?

Treasury Secretary Scott Bessent said this month that tariffs could bring in about $300 billion a year, and possibly more by 2026. The Tax Foundation estimates tariffs could raise $2.5 trillion over the next 10 years. However, they also warn that tariffs will make everyday items more expensive, costing the average U.S. household $1,300 in 2025 and $1,700 in 2026.

Another group, the Committee for a Responsible Federal Budget, predicts tariffs could add $2.8 trillion to the U.S. economy by 2034 if they remain in place.

Have Trump’s Tariffs Affected Inflation?

Inflation in July was 2.7%, lower than expected. But core inflation (which excludes food and energy) rose 3.1% from last year—the same high seen in January.

Many economists say Trump’s tariffs are pushing prices higher. JPMorgan Chase’s top U.S. economist, Michael Feroli, wrote earlier this year that tariffs will likely cause “much bigger increases” in consumer prices and inflation later this year. Federal Reserve Chair Jerome Powell also said the U.S. economy is in a “solid position” but warned it’s too early to know the full impact of tariffs on inflation.

Extra: Possible Rebate Checks

Trump recently said he might consider sending Americans checks funded by tariff revenue. Following this, Senator Josh Hawley (R-Mo.) introduced a bill that would send at least $600 to every eligible adult and dependent child this year.

If tariff revenue is higher than expected, the checks could be larger. But the amount would be reduced by 5% for higher earners: joint filers making over $150,000, heads of household making over $112,500, or individuals making more than $75,000.

The bill has not yet been voted on.

Published: 1st September 2025

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